Indiana Retirement Service gambles pensions on Wall Street

Many years ago, I traveled to Las Vegas to attend a wedding. While there, I struck up a conversation with a young man who worked at the hotel in which we were staying.

“Do you gamble much?” I asked.

“No,” he replied. “I used to, but then I looked around at all of these palatial casinos and realized they could not have been built without suckers like me thinking we could beat the house.”

Perhaps our legislators would do well to take a random walk down Wall Street and visit the palatial offices of our nation’s top “money managers.” Better yet, they should spend a weekend in the Hamptons touring the grand estates and yachts of these denizens of finance.

Maybe then they would realize how hundreds of millions of Hoosiers’ hard-earned dollars were being wasted in a futile attempt to beat the stock market.

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